2. State whether the following statements are true or false, and explain why. LO1, LO7 a. In...

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2. State whether the following statements are true or false, and explain why. LO1, LO7

a. In a perfectly competitive industry, the industry demand curve is horizontal, whereas for a monopoly it is downward-sloping.

b. Perfectly competitive firms have no control over the price they charge for their product.

c. For a natural monopoly, average cost declines as the number of units produced increases over the relevant output range.

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